TATA STEEL = RESULTS REVIEW-II

TATA STEEL

FY10 VS FY09

RESULTS REVIEW = II

While the previous review was mostly based on the information at TATA steel web site, the following figures are from the NSE web-site – in its standardized format.

As can be seen in this simpler format – net sales on consolidated basis has come down by 30.15% but has grown by 2.88% on stand alone basis.

Raw material consumption has come down by 26.18% on consolidated basis. Total expenditure on consolidated basis also is down by 25.94%, whereas the same has increased by 6.17% on stand alone basis.

Operating Profit is down by  74.38% on consolidated basis and by 3.57% on stand alone basis.

Net Profit is down by 143.74% on consolidated basis and by 2.98% on stand alone basis.

Consolidated NPT is down by 140.58% YOY. Dividend (%) is decreased to 80% in current year  from last year’s 160%.   

Basic EPS after Extraordinary Items has come down to Rs.(-)24.92 in FY10 against Rs.66.07 on consolidated basis and to Rs.60.26 inFY10 from Rs.69.45 in FY 09 on stand alone basis.

About 35% of promoter shares are said to be still pledged.

The Indian operations of the company are going strong and are improving every quarter. Many new initiatives are afoot and are likely to take the Indian operations to new levels of profitability.

TATA steel is aggressively going in for captive mines / mines of collaborators /associates-which will ensure ore at  reasonable prices for all of its operations.

The Europeans operations were stabilizing in the second Half of FY10. We need to watch the current functioning in view of the turmoil in Europe’s economic front.

The European problem, in any case, appears to be a PURELY TEMPORARY PHASE – and TATA steel’s European operations are likely to gain strength and profitability. Most of the European states have initiated successful measures to strengthen their country economies.

If the progress achieved in HY2of FY10 in Europe could be successfully continued and stabilized in current year – TATA STEEL’S current share price of Rs.490 could record good appreciation for its investors.

Readers may also see the previous post – most of which is information available at TATA STEEL  web site.

         

TATA STEEL	FY10 (lakhs) consol	FY09 (lakhs) consol	Dif%	FY10  NON CONS	FY09  NON CONS	Dif%
Net Sales	10175777	14568632	-30.15	2471682	2402445	2.88
Other Oprtg Income	63535	164294	-61.33	30516	29132	4.75
SIT&WIP	66004	197594	-66.6	13497	-28927	-146.66
Raw Materials	3505622	4748913	-26.18	676302	680128	-0.56
Traded goods	1308704	3140591	-58.33	16908	35887	-52.89
Employees Cost	1646299	1797506	-8.41	236148	230581	2.41
Depreciation	449173	426539	5.31	108318	97340	11.28
Other Expenditure	2908417	3035555	-4.19	664134	600565	10.58
Total Expenditure	9884219	13346698	-25.94	1715307	1615574	6.17
OP.PROFIT	355093	1386228	-74.38	786891	816003	-3.57
Other Income	118585	26567	346.36	85379	30827	176.96
Profit before I&E	473678	1412795	-66.47	872270	846830	3
Interest	302206	329018	-8.15	150840	115269	30.86
Profit aft,Int before Ex	171472	1083777	-84.18	721430	731561	-1.38
Exceptional items	168372	409453	-58.88	-	-
Profit before tax	3100	674324	-99.54	721430	731561	-1.38
Tax Expense	215184	189400	13.61	216750	211387	2.54
Net Profit after tax	-212084	484924	-143.74	504680	520174	-2.98
Extraordinary Items	-	-		-	-
Net Profit	-212084	484924	-143.74	504680	520174	-2.98
Minority Interest	1524	-4094	-137.23
Shares of Associates	-12686	-6072	108.93
Other Related Items	-	-
Consolidated NPT	-200922	495090	-140.58
Dividend (%)	-	-		80	160	-50
Face Value (Rs.)	10	10	0	10	10	0
Paid-up Equity	88674	73012	21.45	88741	73079	21.43
Reserves	2192715	2151150	1.93	3607439	2397281	50.48
Basic EPS before EI(Rs.)	-	-		-	-
Dil.EPS before EI(Rs.)	-	-		-	-
Basic EPS after EI(Rs.)	-24.92	66.07	-137.72	60.26	69.45	-13.23
Dil. EPS after EI(Rs.)	-24.92	58.99	-142.24	57.31	61.78	-7.24
Public Shareholding	-	-		6.05E+08	482522747	25.42
Public Shareholding (%)	-	-		68.53	66.05	3.75
Promotergroup Shares Pledged	-	-		97400000	98900000	-1.52
Promoter group Shares Pledged %	-	-		35.06	39.87	-12.06
Pledged (as a % total share capital	-	-		10.98	13.54	-18.91
Promoter groupShares Non-encumbered	-	-		1.8E+08	149165857	20.96
group Shares Non-encumbered % o	-	-		64.94	60.13	8
Non-encumbered (as a % total capital	-	-		20.34	20.41	-0.34

ANNOUNCEMENTS

TO THE EXCHANGE

08-06-2010        Tata Steel Limited has informed the Exchange vide its letter dated June 07, 2010 regarding a press release, titled "Tata Steel Increases Stake in New Millennium Capital Corporation".

27-05-2010        Tata Steel Limited has informed the Exchange that at the meeting of Committee of Board of Directors of the Company ("Committee") held on May 27, 2010, the Committee has approved, subject to the approval of the members of the Company pursuant to Section 192A of the Companies Act, 1956, an issue of : (a) Up to 1,50,00,000 - Equity shares ("Ordinary Shares") of face value Rs. 10 each; and (b) Up to 1,20,00,000 - Warrants with a right exercisable by the warrant holder to subscribe for one Ordinary Share per warrant; to the Promoter of the Company i.e. Tata Sons Limited on a preferential basis, in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations) and on such other terms and conditions as the Board/Committee may in absolute discretion decide. The proposed issue will be made at a price to be determined as per the applicable ICDR Regulations.        -

26-05-2010        Tata Steel Limited has informed the Exchange that the Board of Directors at its Meeting held on May 26, 2010 has recommended a dividend of Rs. 8 per share on Ordinary Shares for the financial year 2009-10.   -

26-05-2010        Tata Steel Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 2471682 lacs for year ending on 31-MAR-2010 against Rs. 2402445 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 504680 lacs for the year ending on 31-MAR-2010 against Rs. 520174 lacs for the year ending on 31-MAR-2009.       -

26-05-2010        Tata Steel Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 10175777 lacs for year ending on 31-MAR-2010 against Rs. 14568632 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. (200922) lacs for the year ending on 31-MAR-2010 against Rs. 495090 lacs for the year ending on 31-MAR-2009.

NOTE : As always, readers' suggestions, corrections and opinions are all welcome.

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